Picture this: You and your team have been working hard on your next big launch! The day comes and you send out an epic email blast disclosing all the beautiful details of your newest offerings. Everyone sits back to relax and reflect on a job well done…until you realize you have no launch metrics rolling in to confirm if your job was actually well done.
Launch metrics are the only surefire way to prove if your business launches are worth the time and effort you put into them. You can totally avoid “launch regret” by outlining and leveraging a metrics tracking strategy for each new launch.
What Are Launch Metrics?
Launch metrics are a way to measure and manage your growth launch after launch. And cash flow is only one metric at play! The only way to be sure that your profit dollars are the result of your marketing efforts and not some strange coincidence (or illusion) is by checking all of your relevant data.
The KPIs (key performance indicators) you track for each business launch depends on your niche. Most types of businesses will keep a close eye on revenue, but a few others may pay closer attention to social media traffic, client retention, or launch registration rates.
While your priorities may be unique and specific to each launch, all signs of growth should be celebrated! And it’s hard to celebrate or make adjustments unless you’re using your launch metrics effectively.
Why Are Launch Metrics Important?
There are a few specific reasons you should be watching your launch metrics. Mystery has no place in a strategic business model! So be sure to uncover all there is to know about launch data.
They Help You Make Better Launch Decisions
Your journey towards an optimal launch starts long before you pass “go.” Realistically, your past data is really what informs your future launch decisions. And while you want to start measuring and recording your launch metrics right away, the more historical data you have the better.
Track the launch metrics that relate back to your business goals. If your aim is to double launch sign-ups from your last big launch, you first need to know how many registrations you had last time.
Then, you can consider the strategies you’ve used in the past that afforded you lesser results. Make informed decisions based on your past launches with your metrics.
You Can Easily Track Your Progress and Success
You simply can’t achieve your business goals based on a hunch. Launch metrics are the only way to shed light on your wins and losses. They also work to steer your efforts, which is why businesses that track launch metrics are more likely to experience success than those who don’t.
There’s something more motivational about working with numbers. “We are two hundred followers away from our goal,” rings very differently from, “We got a lot of followers today.”
After all, where’s the “end” without launch metrics? You’ll never know when to celebrate or carve out new goals unless you can see, measure, and acknowledge your old ones.
Launch Metrics Help You Improve Your Marketing Strategy
The timing of your launch can improve your overall outcome. For example, if you launched on a Friday night last cycle and didn’t see great results, maybe try on a Wednesday morning this round. Depending on your business niche, sending your launch while your prime leads are at their computers (and ready to ponder) could be a smart move.
But you’ll never know unless you have launch metrics to work off of! Some client demographics appreciate a weekend video launch, while others want a less-interactive article they can read through on their morning commute.
Use your launch metrics to inform your strategies, particularly around timing. Even if every other part of your marketing campaign is on point, failing to notice and adjust your launch calendar can have a miserable impact.
Which Launch Metrics Should Your Business Track?
How do you know which launch metrics are the most important to your business? It helps to look at your overall business goals and objectives for the year. Check out this short list of ideas to formulate your best launch yet!
Acquiring new leads is a sure sign that your launch is working. No matter what sort of business you’re running, you need a list of interested clients to pull from to generate growth. That’s why launch metrics should include your lead generation data.
Of course, finding new leads doesn’t necessarily mean you’ll take on new clients or make more sales, but it’s a sign that you’ve generated some interest—planted the seed, if you will! You can certainly create more targeted marketing strategies for the leads you’ve acquired with your launch.
Social Media Engagement and Web Traffic
You should definitely prioritize launch metrics like social media and web traffic figures. Those metrics reflect whether your products or services are generating interest. Plus, the more followers you have on social media, the more likely you are to reach potential clients with future marketing campaigns.
Most people check their social media accounts multiple times a day. If you can get your brand to flash across their screens just once with a strong launch, there’s a good chance that new clients will find their way to you in due time.
Email Open and Click-Through Rates
You and your team probably take hours, even days, generating the perfect marketing emails. When a new launch goes out, you should keep a close eye on signs of engagement with your launch metrics.
Email launch metrics include:
- Number of people who opened the email
- How many people clicked on links
- Amount of clients who found their way to your business website via the launch email
Lower email metrics indicate that your launch was underwhelming, or reaching the wrong people. On the other hand, strong numbers reveal that you’ve done some things right! You can only know which is the case for you by tracking and recording the right data.
Customer Acquisition Cost
Customer acquisition costs are among the most important launch metrics. These numbers indicate whether or not your overall marketing spend is justified against the amount of business you generate.
In other words, if the total amount of money you spend on marketing per client exceeds the amount of money each client spends on your services, it’s time to make a change. Ideally, you want a nice cushion between the amount you spend and the amount you earn. By watching these launch metrics, you can make quick adaptations to improve your budget plans.
Just how many leads do you persuade to make a purchase with each new launch? Your conversion rate is more than just the total number of clients you have on board with your business. It’s your success rate turning interested leads into contributing money-spenders.
Your conversion rate is a percentage calculated by the number of clients you take on divided by the number of leads you attract. Whether it be from social media, email, or organic web searches, conversion rates are essential launch metrics.
Even if you’ve overlooked launch metrics in the past, it’s never too late to improve the way you do things for your business. Get into the routine of measuring and using your data to better your business with each and every launch.
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It’s time to maximize your success with metrics—these posts are a great place to start:
- How To Make Strategic Marketing Decisions and Invest In Advertising More Effectively
- 7 Incredible Strategies To Help You Grow Your Email List Starting Now
- How Sales Funnels Work and Why You Need Them To Grow Your Business
- 5 Essential Sales Funnel Metrics You Need To Consistently Track